National Research: BMO New Canadians Study: More Than Half of Immigrant Parents Believe Their Children Will Be Better Off in Canada

Friday, July 17, 2015

BMO Wealth Management today released the results of a study on how New Canadians feel about their children's future in Canada, as well as their approaches to estate planning.

The study is the second in a series, Making the Financial Transition, which examines a variety of financial issues related to New Canadians (those who have moved to Canada fewer than 10 years ago).

According to the study, 58 per cent of parents who have immigrated to Canada feel their children will be better off here than they would have been if they had stayed in their native country; 33 per cent say they will be much better off. Further, New Canadians consider it likely that their children will:

Obtain a post-secondary education (95 per cent)

Get a good job (93 per cent)

Buy a home (92 per cent)

Immigrants reported that they have these expectations because they believe that, in Canada, their children will have access to:

Better education (72 per cent)

A safer environment (61 per cent)

Better job opportunities (55 per cent)

Good government programs (52 per cent)

In addition, the study revealed that two thirds (63 per cent) of New Canadians are more optimistic about Canada's economy than the economy in their native country; only 13 per cent feel the opposite.

"It's encouraging to see that immigrants to Canada are confident their children will be successful and feel that the sacrifices they made to come to this country will pay off," said Charyl Galpin, Head, BMO Nesbitt Burns, a part of BMO Wealth Management. "All parents want the best for their kids and New Canadians are no exception. It's critical to develop a customized financial plan that can include components such as saving for a child's education or helping him or her with a down payment for a first home."

95% of New Canadians think it is likely their children will obtain a post-secondary education

2/3rd are more optimistic about Canada's economy than the economy in their native country

65% of immigrants consider it a priority to leave as much money as possible to their children, yet fewer than a third have a will